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Given the financial data of Company LMN: Sales Revenue $350,000, Cost of Goods Sold $150,000, Operating Expenses $100,000, Interest Expense $30,000, and Income Tax Expense
- Given the financial data of Company LMN: Sales Revenue $350,000, Cost of Goods Sold $150,000, Operating Expenses $100,000, Interest Expense $30,000, and Income Tax Expense $40,000. Calculate the net income for Company LMN and present the calculation in a tabular format.
Income Statement Items | Amount |
---|---|
Sales Revenue | $350,000 |
Cost of Goods Sold | ($150,000) |
Operating Expenses | ($100,000) |
Interest Expense | ($30,000) |
Income Tax Expense | ($40,000) |
________________________ | _____________ |
Net Income | $30,000 |
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